Nigeria’s ongoing economic reforms and the opportunities presented by the African Continental Free Trade Are (AfCFTA) are expected to strengthen investor confidence, boost industrialisation and position the country as a resilient investment destination, government and business leaders have said.

The consensus emerged at the sixth Chief Financial Officers (CFOs) Luncheon organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in partnership with Forvis Mazars in Nigeria, where stakeholders examined the theme: “Trade Policy, AfCFTA and the C-Suite’s Growth Agenda.”

In his presentation on “Building Resilient Economies in an Era of Geopolitical Contestation: How Nigeria and Africa Can Transform Global Volatility into Sustainable Growth,” the Special Adviser to the President on Industry, Trade and Investment, John Uwajumogu, said Nigeria must move beyond managing economic uncertainty to building a business environment capable of attracting long-term investment.

According to him, geopolitical fragmentation, changing trade patterns and growing global competition for capital require Nigeria to strengthen institutional capacity, deepen domestic value creation, modernise infrastructure and improve public-private collaboration.

“Capital does not fear risk; it fears uncertainty. Our collective task is therefore not to eliminate risk, but to build the institutions and partnerships that make risk understandable, manageable and investable,” Uwajumogu said.

He noted that reforms undertaken by the Federal Government—including foreign exchange liberalisation, fiscal discipline, tax reforms, the Electricity Act, improvements in the business environment and the National Single Window initiative—are designed to reduce uncertainty and unlock greater private sector investment.

Uwajumogu also identified strategic opportunities across trade infrastructure, energy, manufacturing, digital technology and finance, adding that Nigeria’s large consumer market and access to the African Continental Free Trade Area provide a strong platform for industrial expansion.

Echoing the need for resilience through trade and collaboration, the Consul General of France in Lagos, Laurent Favier, said the rapidly evolving global trade environment places greater responsibility on chief financial officers and corporate executives to drive innovation and long-term business growth.

Favier said the luncheon’s focus on trade policy and AfCFTA reflected the growing importance of strategic leadership in helping businesses navigate changing market conditions while taking advantage of opportunities created by Africa’s expanding single market.

He noted that Nigeria’s economic landscape and the wider AfCFTA framework require business leaders to demonstrate agility, foresight and sound financial management, stressing that integrity, transparency and ethical leadership remain essential to building sustainable enterprises.

“The opportunities presented by the African Continental Free Trade Area can be harnessed to drive growth, competitiveness and long-term resilience for our businesses,” she said.

Favier also commended the Franco-Nigerian Chamber of Commerce and Industry for strengthening economic ties between France and Nigeria through sustained dialogue between the public and private sectors.

According to him, initiatives such as the CFOs Luncheon provide an important platform for exchanging ideas, promoting collaboration and supporting sustainable economic development across both countries.

Speaking at a panel session, Tax Partner, Forvis Mazars, Peter Iwofia, said said AfCFTA should not be viewed merely as a tax harmonisation initiative but as a framework that requires businesses to rethink their regional operating models.
According to Iwofia, the continental free trade agreement creates significant opportunities for companies to expand across Africa, but it also presents tax and regulatory challenges that require careful planning.

“AfCFTA is not a tax harmonisation initiative. It enables CFOs to think boldly about regional manufacturing. However, it comes with some risks because tax is still administered locally,” he said.

He explained that businesses operating across multiple African markets would need to redesign their supply chains to take advantage of the agreement while remaining compliant with varying national tax regimes.

The convergence of views from government and the international business community reflects a growing recognition that policy reforms alone will not guarantee investment inflows.

Rather, consistent implementation, regulatory certainty and stronger partnerships with the private sector will be critical to unlocking Nigeria’s industrial potential.

With AfCFTA opening access to a market of more than 1.3 billion people, analysts say Nigeria has an opportunity to leverage its manufacturing base, technology ecosystem and strategic location to become a regional production and export hub, provided reforms are sustained and translated into tangible improvements in the ease of doing business.